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Edexcel A Level Economics A Paper 1 (9ECO 01) - 15th May 2024 [Exam Chat]

Reply 180

12

Original post

by grerkoegire

What industry did you talk about. Collusion is a form of anti competitive practice so is a barrier to entry. Regulation of a monopoly can be a form of reducing barriers such as forcing microsoft to provide information to others in the tech market. Deregulation can also reduce barriers though

Okay perfect! I talked about the pharmaceutical industry as an oligopoly with 3 firms having market and monopoly power I have forgotten what firms I mentioned lol

Reply 181

ame3em

10

Original post

by Oesjdnne

I shifted both as well

Yeah i did both, i remember it saying ‘reasons’ so i thought both decreased supply increased demand

Reply 182

uwejrthjterjetj

4

Original post

by Oesjdnne

I shifted both as well

i just shifted supply..........................

Reply 183

ivanita12

14

Original post

by ame3em

Yeah i did both, i remember it saying ‘reasons’ so i thought both decreased supply increased demand

you will do great in all your exams
believe in urself

Reply 184

taha.malikkkk

1

Original post

by coastalcat

For the 25 marker could you do one paragraph on decreasing profit in SR and the other on how that affects dynamic efficiency so profit in LR? or are those too similar

You can talk about it in 1 paragraph more broadly saying they will have less profits -> less investment into r and d -> less dynamic efficiency -> less innovations -> worse quality goods -> + less productivity over time -> higher costs -> less profits -> less corporation tax revenue for gov't -> increase gov't budget deficit

And then more specifically in the context of the information where: higher costs -> less profits for small hotels -> less profits for them -> struggle to compete -> forced to leave market -> larger firms take the consumers of them -> more sales -> more profits (diagram) -> invest in to r and d -> increase dynamic.... etc.

Then you can talk about long run -> less subs -> more inelastic demand... etc

Reply 185

Cxhjjhh

2

In my 25 hotel marker Q, I talked about workers being made redundant but my labour diagram showed an extension in supply and unemployment which isn’t technically correct I don’t think. For the same point I talked about elastic supply and demand for hotel workers because it’s not skilled etc etc so that part of the point I feel like I’ve done well. How many marks could I possibly lose for half of one of my KAAs being incorrect?

Reply 186

flippinpony

3

for the revenue cost diagram drawn showing profit maximisation and rev max, did it matter whether it was short run or long run (supernormal or normal profits)

Reply 187

flippinpony

3

what was the justification for the PED in the first question about students and adults price tickets. what could you say about why it one was a bit more elasttic than the other

Reply 188

flippinpony

3

for the PRICE ELASTICITY of new york and texas, could you say the reason it was different for the cities was because of spare capacity.

Reply 189

Kareena.kaurrr

1

Did anyone do the second 25 marker, the one on contestability if so what did you write about.

Reply 190

pnnhhii

4

Original post

by lilorain

was the 5 marker a shift in supply and demand ? pls tell me someone else did both 😭

i think you can do a shift in supply, a shift in demand or shifting both, will get marks for any of it as long as you shift it right.

Reply 191

pnnhhii

4

Original post

by flippinpony

what was the justification for the PED in the first question about students and adults price tickets. what could you say about why it one was a bit more elasttic than the other

i said spending for bus ticket account for more % of income for 18+ students compared to adults, therefore demand for students are more prone to change when price price.

Reply 192

Vivi1606

1

Original post

by uwejrthjterjetj

the questions were not hard but think i fumbled with some of the section b and 25 markers the points were quite similar and 1 of my points kinda was like a evaulation for my first point kinda a shiesty 25 marker
first paragraph was on increase cost and loss of SN which would case fall in dynamic and allocative efficent and the however points (kinda my second points was about how hotels were a monopolistic market so in the LR some firms would leave the industry and and give scar more monoplist power to charge higher prices and stuff and then i wrote another paragraph on contestability and barriers to entry reducing and my short 2 3 lines were about cross subisidising and judgement was just pure waffle doesnt make sence added it with my shiesty handwritinng (gl to the examiner reading all that ) think im quite cooked but hoping to scrape up a B or A if the universe has blessed me

you are me i am you

Reply 193

theatrical-urge

3

Original post

by flippinpony

what was the justification for the PED in the first question about students and adults price tickets. what could you say about why it one was a bit more elasttic than the other

I put students have less substitutes like cars? So demand more inelastic for them

Reply 194

Vivi1606

1

Original post

by Kareena.kaurrr

Did anyone do the second 25 marker, the one on contestability if so what did you write about.

evaluate barrier of entry

Reply 195

halfharry

Entertainment Forum Helper, Study Forum Helper

18

Original post

by surfwave

did anyone pick the energy 25 marker, if so can you pls tell me what u included cause I feel like I went off topic too much

I did.. I used the pharmaceutical industry:
Point 1: higher costs= lower profit = less dynamic efficiency
EVAL: i drew a diagram w/ increasing costs but there was still some supernormal profit- I said they can use the remaining profit to invest in SOLAR ENERGY (won't be affected by rising costs)

Point 2: deceased demand from consumers= less revenue= less profit = less reinvestment = X inefficiency due to not buying latest lab equipment etc
EVAL: DEMAND FOR PHARMACEUTICAL PRODUCTS is inelastic as it is life-saving, so hospitals and privale hispitals aid organisations will still buy it

IDK what do u think?

Reply 196

lbwan

7

is anyone else feeling like this? i answered the questions but i feel like it went so mid even though the questions were good… most of the discussions here isn’t even what i wrote …. chat am i cooked?

Reply 197

ame3em

10

Original post

by lbwan

is anyone else feeling like this? i answered the questions but i feel like it went so mid even though the questions were good… most of the discussions here isn’t even what i wrote …. chat am i cooked?

No literally, like generally i’m okay at econ but i feel like my answers were so not concise and good enough, very generic and slightly not on the mark. Oh well all we can do is move onto the next as it’s only 35% of the grade, so even if it was good that doesn’t secure anything

Reply 198

MRdiamond2006

3

I was super stuck on a second paragraph on the 25 marker on the hotel industry (question 7) and the increase in cost of electricity...
My first one was good - Lower SNP, short run shutdown etc... , but for the second one (Either this or leave it blank)I wrote about the CMA investigating the electricity companies for setting the price above . And the use of price capping... and then related it to the hotel industry, and therefore the smaller increase in AC.
I know this isn't a conventional point but is it credit worthy at all?
what do you think

Reply 199

lbwan

7

Original post

by ame3em

No literally, like generally i’m okay at econ but i feel like my answers were so not concise and good enough, very generic and slightly not on the mark. Oh well all we can do is move onto the next as it’s only 35% of the grade, so even if it was good that doesn’t secure anything

yea we’ve got to get on it to do well in macro on mon 😶

Edexcel A Level Economics A Paper 1 (9ECO 01) - 15th May 2024 [Exam Chat]

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